Benekiva is an insurance technology platform that simplifies and speeds up the claims process between insurers, policyholders and beneficiaries. Launched in 2018, its goal is to digitize the claims process from start to finish. Benekiva makes it easy for insurance companies to manage policyholder and beneficiary data, claims automation, and asset retention, resulting in a 40% increase in efficiency and a 75% improvement in cycle time. It also significantly reduces the time to transfer funds to intended beneficiaries to as little as 48 hours, a process that typically takes up to 60 days via traditional methods.
Challenge
Benekiva’s biggest hurdle was finding a way to meet the necessary cloud infrastructure and security requirements of the insurance industry. In order to effectively scale, Benekiva would have to regularly undergo intense privacy and security scrutiny as part of its sales process — a costly and time-consuming exercise that would divert effort and resources away from other areas of its business. It needed a turnkey approach to proving technical compliance requirements were being securely met, managed and maintained on an ongoing basis.
Solution
At the core of MedStack’s solution are policies, inheritable attestations and mechanisms to match those policies to any audit or certification process. “With MedStack we have peace of mind when undergoing security audits, knowing that our cloud infrastructure is in good hands,” says Bobbie Shrivastav, Co-Founder and Chief Product Officer at Benekiva.
Impact
MedStack’s out-of-the-box compliance offering allowed Benekiva to quickly and easily acquire and onboard new customers, facilitating the rapid expansion of its business. MedStack’s SOC 2 certification later helped Benekiva to establish their privacy and security posture with its enterprise customers, further propelling its business forward.
